WILMINGTON, Del. (AP) - New Castle County officials say they expect an $8.4 million surplus by the end of the fiscal year.
The News Journal reports (https://delonline.us/NNYWg8 ) that the surplus is a big change, since the year was expected to end with a $2 million shortfall.
The latest projections show that revenue will be up by $5.7 million and expenses will be $2.7 million lower than expected. Officials say most of the new revenue expected comes from $5.5 million more in real estate transfer taxes.
County Executive Tom Gordon says he isn’t too excited because there isn’t a strong economic comeback yet.
Gordon is set to deliver his budget address Tuesday for the 2015 fiscal year. He says his proposal calls for spending 2.3 percent more, but doesn’t include a tax increase.
Information from: The News Journal of Wilmington, Del., https://www.delawareonline.com
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